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List the 3 objectives of internal control and give a description/definition of each. List the 5 elements of internal control and give a description/definition of each. Head out to your local shopping...

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  1. List the 3 objectives of internal control and give a description/definition of each.
  2. List the 5 elements of internal control and give a description/definition of each.
  3. Head out to your local shopping mall or another place were accounting/business is occurring and look for evidence of internal controls. After reading this module and its associated reading material they should be very apparent to you. Describe 3 different internal controls that you observe and access whether you believe they are effective or not. Is the control doing the job it was intended to do? Sadly, there are just as many ineffective internal controls out there as effective ones.
  4. When responding to other students' postings focus on whether you think the controls described is performing the job it was intended to perform? Is it effective? Do you agree with the original post's assessment?
Answered Same Day Dec 27, 2021

Solution

David answered on Dec 27 2021
109 Votes
Answer 1.
Make effective and efficient accounting record: To make sure the
accurate and completed accounting record, all transactions of the
company should be fully and accurately record in the books, assets and
liabilities should be co
ectly valued and exact identified, same with the
case of all cost and revenues.
Safe the assets of the company: All tangibles and intangibles assets and
its controls should be make sure that they are fully utilized and it should
e not be misused, misappropriation or should not be theft.
Detect Fraud: Internal controls are important to take care of any
operation...
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